Post by twetch#2854

twetch#2854 6.5y
1SgPtS…9sDs Key · twetch
  1. The economy is not chiefly an incentive system, but an information system. It requires a reliable standard of value rooted in the irreversibility of time.
What the chain says
Transaction
1310ffc79a8aa5f4f9e63f80a92ce5dd6e4b8c163e9bcbcbae3c654e2d27063f
Block
631 037
Time
2020-04-17T22:48:48Z
Signer
1SgPtSJk3ihzzPKNxqk5o1v3rDbTF9sDs
App
twetch
Type
post
Content type
text/plain
Name in tx
twetch#2854

Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.

Signed by 1SgPtSJk3ihzzPKNxqk5o1v3rDbTF9sDs Verified

Reposted by (6)

Replies (15)

twetch#2854 6.5y
1SgPtS…9sDs Key · twetch
Replying to@1SgPtS…9sDs
  1. Creativity always comes as a surprise. If it didn’t, socialism would work. Information is defined as surprise.
twetch#2854 6.5y
1SgPtS…9sDs Key · twetch
Replying to@1SgPtS…9sDs
  1. Information is the opposite of order. Capitalist economies are not equilibrium systems but dynamic domains of entrepreneurial experiment.
twetch#2854 6.5y
1SgPtS…9sDs Key · twetch
Replying to@1SgPtS…9sDs
  1. Money should be a standard of measure for the outcomes of entrepreneurial experiments.
twetch#2854 6.5y
1SgPtS…9sDs Key · twetch
Replying to@1SgPtS…9sDs
  1. Interference between the conduit and the contents of
    a communications system is called noise. Noise in the currency makes it impossible to differentiate the signal from the channel.
Continue thread →
twetch#2854 6.5y
1SgPtS…9sDs Key · twetch
Replying to@1SgPtS…9sDs
  1. Interference between the conduit and the contents of
    a communications system is called noise. Noise in the currency makes it impossible to differentiate the signal from the channel.
twetch#22134 6.5y
1H22SN…UhnY Key · twetch
Replying to@1SgPtS…9sDs
  1. You mention Thermodynamics, I like that, I also think fluid mechanics might be a good way to understand economics as well. I've been thinking for some time about how to put together the proper modeling to prove what you are eluding to.
twetch#22134 6.5y
1H22SN…UhnY Key · twetch
Replying to@1H22SN…UhnY
  1. Mainly that the government manipulating the currency is the root of most issues we all face as citizens. It distorts markets, pervert incentives, and misallocates resources. The net effect is to raise wealth and income among the least productive.
twetch#2854 6.5y
1SgPtS…9sDs Key · twetch
Replying to@1H22SN…UhnY

power cannot order wealth—new knowledge—into being

twetch#22134 6.5y
1H22SN…UhnY Key · twetch
Replying to@1SgPtS…9sDs

True, but power can reset the rules so that true wealth is not rewarded. Instead, the new game is collecting tokens they create, so new knowledge is swept into the machine because it provides leverage in the same way deposits create leverage in banking

Continue thread →
twetch#22134 6.5y
1H22SN…UhnY Key · twetch
Replying to@1H22SN…UhnY
  1. And does so at the expense of the average citizen. All of this is anecdotally obvious to anyone that cares to look. But to prove it with modeling that can duplicate actual results would show definitively that this process is real and destructive.
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